Like Tree0Likes

353 Formula Fastech

Reply
Old 01-10-2012, 07:09 AM
  #91
Registered
 
Join Date: Jun 2007
Location: Merritt Island, FL
Posts: 3,870
Default

What was "formula financing"?
Wildman_grafix is online now  
Reply With Quote
Old 01-10-2012, 08:12 AM
  #92
Registered
 
Join Date: Jun 2005
Posts: 9,585
Default

Quote:
Originally Posted by Wildman_grafix View Post
What was "formula financing"?
Famous at boat shows for very low payments for the first 4-5 years, then a bump in the interest rate and payment for the rest of the term.

Big cruiser like a 350 SS would have a sticker on it for as low as $499 month with an asterisk that it was $499 at 1.9% for the first 48 months, then 6.9% for the remainder of the loan.
Jupiter Sunsation is offline  
Reply With Quote
Old 01-10-2012, 08:13 AM
  #93
Registered
 
Join Date: Jun 2005
Posts: 9,585
Default

From Matt Truilio's article w/Scott Porter:

By keeping our offerings exciting and providing a high-quality experience. We are always working on new graphics, both design and color. Formula has been very flexible in helping its clients create a craft of their dreams. We’ll also continue to offer exciting alternatives to the traditional performance model by way of Formula’s fresh FX line.



So it appears Formula realizes it needs to freshen the line and you may see some really trick boats coming down the line.
Jupiter Sunsation is offline  
Reply With Quote
Old 01-10-2012, 08:26 AM
  #94
Registered
 
Join Date: Jun 2010
My Boats: CIGARETTE TOP GUN
Posts: 3,066
Default

Quote:
Originally Posted by Expensive Date View Post
Its January. Honestly though if they want high 200ks just make that the price stop playing the numbers game with 120k off.
agreed. never understood why some companies play "the game".
1MOSES1 is online now  
Reply With Quote
Old 01-10-2012, 10:08 AM
  #95
Registered
Gold Member
 
Join Date: Jan 2004
Location: 1000 Islands NY/ Hartford, CT
My Boats: PowerPlay 185-xlt
Posts: 696
Default

I for one am glad that a company with this much history is managing through some tough times. I still think Formula's from back in the day hold their value like no other production boat(granted pricey to begin with). I am glad they are making and selling new boats because that means some day there will be a used market that many can only afford vs buying new. Haven't owned one (yet) but been on enough to know that it is a quality product compared to most other boats out there and stacked up near the top for production boats. I think Formula is moving in the right direction with the Fastecs with providing Ilmor power (I think a 292 with either the Ilmor MV8 6.2 or MV8 7.4 in I/O trim and would be AWESOME and think there is group wanting more out of this hull). I am pulling for anyone making performance boats in this market to pull through and hope things get better for the industry.
cuposterchild is offline  
Reply With Quote
Old 01-10-2012, 11:27 AM
  #96
Diamond Member #001
Charter Member
Trade Score: (2)
 
C_Spray's Avatar
 
Join Date: Oct 2000
Location: Coastal North Carolina
My Boats: 2000 Formula 382 with Innovation 600's
Posts: 4,789
Default

Quote:
Originally Posted by offshorexcursion View Post
I feel bad for all the fastech owners who are so upside down due to the formula financing + the economy + 15 year old design.

My close friend owes over $50,000 more than his 2007 Fas tech is worth, on a good day...
With all due respect to your friend, those loans were pretty similar to sub-prime loans and needed to be treated carefully. Bear in mind that while he may be upside-down on the boat now, he also reaped the benefit of extremely low monthly payments, and has put very little of his own equity into the boat. I feel for the guy, but I can't see that Formula is to blame. If he bought the boat as a long-term possession, things will eventually work out. If he bought it as a short-term item, then it is unfortunate that he got caught out by the financial downturn.

I used Formula financing to buy my boat in 2000, and rather than making minimum payments, I took advantage of zero interest for two years to pay down my equity at the best time - the beginning of the loan. When the interest rate jumped, so did I: to new financing with better rates. Formula offered those financing packages because it was what the buyers wanted in those days; the buyer always had the option of using their own financing or (in some cases) taking a rebate.

Again - No disrespect meant.
__________________
Retired! Boating full-time now.
C_Spray is offline  
Reply With Quote
Old 01-10-2012, 11:44 AM
  #97
Registered
 
Join Date: Jun 2007
Location: Merritt Island, FL
Posts: 3,870
Default

Quote:
Originally Posted by C_Spray View Post
With all due respect to your friend, those loans were pretty similar to sub-prime loans and needed to be treated carefully. Bear in mind that while he may be upside-down on the boat now, he also reaped the benefit of extremely low monthly payments, and has put very little of his own equity into the boat. I feel for the guy, but I can't see that Formula is to blame. If he bought the boat as a long-term possession, things will eventually work out. If he bought it as a short-term item, then it is unfortunate that he got caught out by the financial downturn.

I used Formula financing to buy my boat in 2000, and rather than making minimum payments, I took advantage of zero interest for two years to pay down my equity at the best time - the beginning of the loan. When the interest rate jumped, so did I: to new financing with better rates. Formula offered those financing packages because it was what the buyers wanted in those days; the buyer always had the option of using their own financing or (in some cases) taking a rebate.

Again - No disrespect meant.
I was thinking that would have been what I would have done.

For that matter it's not easy to get 6.2% on a performance boat now.
Wildman_grafix is online now  
Reply With Quote
Old 01-10-2012, 12:09 PM
  #98
Ginger or Mary Ann?
Charter Member
Trade Score: (1)
 
US1 Fountain's Avatar
 
Join Date: Oct 2000
Location: Lafayette. IN
Posts: 10,866
Default

Oops, Misunderstood earlier comment.


I'd take a 35' any day. Always have been 1 of my favorites
__________________
Some people are like Slinkies - Not really good for anything, but they
bring a smile to your face when pushed down the stairs.

Last edited by US1 Fountain; 01-10-2012 at 02:09 PM.
US1 Fountain is offline  
Reply With Quote
Old 01-10-2012, 01:19 PM
  #99
Registered
Trade Score: (2)
 
Join Date: Nov 2006
Location: Great Sacandaga Lake, NY
My Boats: 34 Sea Ray
Posts: 1,261
Default

Just wondering how many here would pay 275K for an 18 or 20 year old Apache??
Rattlesnake Jake is offline  
Reply With Quote
Old 01-10-2012, 01:28 PM
  #100
Registered
 
Join Date: Jun 2010
My Boats: CIGARETTE TOP GUN
Posts: 3,066
Default

Quote:
Originally Posted by Rattlesnake Jake View Post
Just wondering how many here would pay 275K for an 18 or 20 year old Apache??
playing devils advocate or being the voice of reason on these boards is a slippery slope my friend. tread carefully. haha
1MOSES1 is online now  
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -5. The time now is 09:20 PM.


Copyright 2011 OffShoreOnly. All rights reserved.